Sensex Pares Gains After 100-Pt Jump, Nifty Fails to Hold 7,500

After three days of a heady rally, benchmark indices were in consolidation mode. While the Sensex opened with a 100-point gain, it failed to hold on to it and slipped over 50 points almost immediately after.

The Nifty which reclaimed its crucial resistance level of 7,500 pared gains weighed down by losses in banks, realty, oil & gas, and metal stocks.

Bank stocks, which led the post-Budget rally, also led the downward move today with stocks like HDFC Bank, SBI, Axis Bank down between 1-2 percent but ICICI Bank bucked that trend. ONGC, Tata Motors, Coal India were the key gainers on the Sensex.

The rupee gained further in the early trade . It opened higher by 11 paise at 67.23 per dollar versus previous close 67.34.